Since 2001, the lenders at Hometown Equity Mortgage are committed to doing everything in their power to provide clients a worry-free cash-out refinancing mortgage loan process, from application to completion. The mortgage loan originators at Hometown can help you through the process of acquiring a home loan… and they make it easy!
What’s cash-out refinancing?
Refinancing is a great way to access cash through your home equity that has built up over time. It’s a mortgage refinancing option in which the new mortgage is for a larger amount than the existing loan amount. By refinancing your home, you may be able to decrease your monthly mortgage payments, get a lower mortgage rate and renegotiate the length of the loan.
What’s an example of a cash-out mortgage loan?
If your home’s worth $200,000 and your mortgage has a balance owing of $150,000, a cash-out refinance would allow you to borrow $170,000 (ideally, at a lower interest rate), pay out the original mortgage and pocket the $20,000 difference.
This cash can be used for home repairs, college tuition, debt consolidation, and other important endeavors.
Is a home refinancing loan right for me?
There are times when refinance makes sense, and other times not. There’s no benefit in adding $20,000 to your mortgage unless you’re getting a better interest rate. Also, if you borrow more than 80% of your home’s value, you’ll need costly private mortgage insurance. We’ll help you make the choice that’s right for you.
Disclosure: By refinancing the consumer’s current loan, the consumer’s finance charges may be higher over the life of the loan.
How To Get Started
Apply for a cash out home loan online to see if you qualify by clicking on the “Apply Now” banner below and filling in the online application, or call us and we’ll be happy to discuss your needs at: 833-381-9733